New Delhi: Corporate India raised $3.8 billion through 19 IPOs in the first half of this year, largely driven by stable equity markets, says a report.

According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year.

As per the report, $3.8 billion was raised across 19 IPOs during the first six months of this year with values increasing by nearly three-fold over the corresponding period last year (January-June 2017).

Representational image. PTI.

The biggest public issue was floated by Bandhan Bank, which raised $699 million followed by Hindustan Aeronautics ($661 million) and ICICI Securities Ltd ($618 million).

The top sectors that raised IPOs in the first half of this year were manufacturing, with seven companies raising $0.6 billion, followed by banking, with three companies raising $1.6 billion.

The report further noted that 25 Indian firms have mobilised around $2 billion by issuing shares to institutional investors during the first half of this year, a 23 percent drop from January-June 2017.

The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.

Sector-wise, banking and telecom sector companies raised 60 percent of total capital through this route on the back of four big-ticket transactions, it added.

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